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Bitcoin Price Prediction: As K33 Research Sees BTC Plummeting To “Low $50,000 Range,” This Learn To Earn Token Races Towards $3 Million

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Bitcoin price
Bitcoin price

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The Bitcoin price is up 3% in the last 24 hours to trade for $59,168 as of 00:12 a.m. on trading volume that plunged 20%.

The mismatch between the price rise and the plunging trading volume suggest there is still a lack of conviction among BTC bulls.

But sentiment improved on July 9 after Federal Reserve Chair Jerome Powell said the Fed is not ready to cut interest rates just yet, citing the need for “more good data” to increase confidence that inflation is under control.

Meanwhile, as BTC bulls show their lack of conviction, K33 Research warns that BTC may plunge to the low $50,000 range.

Senior analyst Vetle Lunde said the third quarter’s weak seasonal trends are not favorable for Bitcoin, adding that there’s selling pressure from the German state of Saxony, which is offloading seized BTC, and the ongoing distribution of Mt. Gox refunds.

Some 75,000 to 118,000 BTC ($4.3 billion to $6.8 billion) will need to be absorbed by the market over the summer, leading to choppy market conditions expected to last until October, Lunde said.

Bitcoin Price Prediction

The Bitcoin price is nurturing a recovery this week, boasting a successive series of higher highs with green candlesticks. With this streak, the Bitcoin price has overcome resistance due to the 78.6% Fibonacci retracement level of $57,543.

The green nodes on the volume profile support the bullish supposition, suggesting a bullish sentiment in the market. Nevertheless, BTC remains in the woods considering the bearish outlook in the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD).

With the RSI below the 50 threshold and the MACD still in negative territory, the bears still have their say. If they have their way, the Bitcoin price could slide below the $57,543 support. Potentially, it could  go as low as the $53,185 support, the bottom of the market range.

In a dire case, the downtrend could extend to the $50,000 psychological level, validating K33 Research’s prediction.

Bitcoin price

GeckoTerminal: BTC/USD 1-day chart

Converse Case

On the other hand, increased buying pressure could send the Bitcoin price further north, foraying into the Fibonacci Golden Zone. Considering this is a highly volatile zone, only an escape above it would render BTC ripe to buy. This is unless one is a Bitcoin maxi driven by the belief that it is always a good time to buy BTC.

Nevertheless, futures traders looking to take long positions on BTC should wait for the Bitcoin price to record a stable candlestick close above $65,772. This is earmarked by the 38.2% Fibonacci retracement level.

In a highly bullish case, the gains could extend higher to shatter resistance due to the 23.6% Fibonacci retracement level of $68,746. Beyond this blockade, the pioneer cryptocurrency would have a chance to reclaim its peak near the $74,000 level.

Meanwhile, investors are flocking to 99Bitcoins (99BTC), the latest Bitcoin derivative token that crypto YouTuber Today Trader says is poised for parabolic gains.

Promising Alternative To Bitcoin

99Bitcoins is a long-established educational platform that uses a new Learn-to-Earn rewards model.

99Bitcoins traces back to 2013, when it started out as Once a simple domain, the project has evolved into a true Web2 model and is now transitioning to Web3 with its $99BTC token.

The project incentivizes learning through a unique mix of gamification and a leaderboard reward system. With this mechanism, users’ learning experiences are incentivized with tangible benefits.

Token holders can also stake 99BTC for an annual yield of 705%. So far, upwards of 1.5 billion tokens have been staked.

Investors can buy the 99BTC token for $0.00113. Those interested to add to the $2.3 million already pumped into the project shouldn’t wait too long because a price hike is coming in about six days.

Visit and buy 99Bitcoins here.

Also Read:

99Bitcoins (99BTC) - New Learn To Earn Token


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